Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

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Tuesday, January 31, 2012

Crude Oil trend is up

Crude Oil (WTI) traded below T2 trend line for about a month and broke today above the resistance, setting though the market for further rise.
The previous analysis (http://markettechnicalview.blogspot.com/2012/01/crude-oil-wti-technical-analysis_24.html), in 24th of January, stated that the $97.00-$98.40 area is a strong support and the January move seems to be just a correction a larger rising trend.
As the break-out above the trend line already happened, there is a high probability to see a retest of it as a support (like shown in the chart). The older target at $103.00 area is still in place and an intermediary target can be set at $102.00 level. 


Posted by Adrian Filip at 5:39 PM
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